Stockbrokers face toughest time since 1970s, says Arden’s chair

SHARES in stockbroker Arden Partners soared yesterday after the firm said it had made a pre-tax profit this year, compared to a £500,000 loss in 2010.

Revenue slipped from £13m to £12.4m and underlying profits were also down to £1.2m during the period from £1.3m, but Arden booked an overall profit before tax of £600,000.

Chairman Lord Flight said that the stockbroking business was facing “perhaps the most difficult and challenging conditions since the 1970s”, but that Arden was well positioned for the new financial year.

He also said the second half of the year and Eurozone crisis had brought particular challenges, with most of the firm’s trading weighted heavily in the first half.

Shares in Arden closed up nearly eight per cent at 34p yesterday.